Elon Musk said on Friday monthly users of social media platform X, formerly known as Twitter, reached a "new high" and shared a graph that showed the latest count as over 540 million.

Musk's post on X about the user figures comes as the company goes through organizational changes and faces competition from the newly launched Threads app, owned and operated by Meta Platforms.

Twitter had 229 million monthly active users in May 2022, according to a statement made before the buyout.

Under Musk, X has gone through a series of product changes and staff cuts as the company tries to boost revenue.

X's cash flow remains negative because of a nearly 50% drop in advertising revenue and a heavy debt load, Musk said earlier this month, falling short of his expectation in March that the social media platform could reach cash flow positive by June.

(Reporting by Yuvraj Malik in Bengaluru; `Editing by Sandra Maler)